Adejoke Adegbenro: Tech Can Turn Dormant Bank Accounts into Social Good

Billions of naira lie forgotten in dormant bank accounts across Nigeria; untouched for years, even decades, while communities grapple with poverty, poor healthcare, and failing infrastructure. Drawing insights from the United Kingdom’s Reclaim Fund Limited, Chartered Accountant and Data Scientist Adejoke Adegbenro, while speaking with Sunday Ehigiator, argues that Nigeria has both the digital infrastructure and financial expertise to unlock these hidden billions responsibly, turning dormant money into lasting social good without depriving rightful owners of their claims.

Every year, billions of naira lie forgotten in dormant bank accounts across Nigeria; untouched, unclaimed, and unnoticed. These funds, some inactive for decades, remain trapped within financial institutions while the nation faces mounting economic and social challenges.

The paradox is glaring: as hospitals struggle for funding, schools deteriorate, and communities cry out for development, enormous sums of money sit idle, serving no useful purpose.

But what if Nigeria could transform these forgotten funds into a force for social good, responsibly, transparently, and without denying rightful owners access to their money? That is the question raised by Adejoke Adegbenro (Ajao), who believes that Nigeria already has the infrastructure and expertise to make this vision a reality.

A Working Model from the UK

In the United Kingdom, dormant bank accounts are not allowed to simply gather dust. Through a well-structured system operated by Reclaim Fund Limited (RFL), money that has been untouched for fifteen years or more is repurposed to serve the public interest. Adegbenro explains that this model ensures a delicate balance between protecting individuals’ rights and advancing social welfare.

“Customers never lose their right to their money,” she notes. “Even after decades, they can walk into their bank and reclaim every penny. Meanwhile, funds that remain unclaimed are put to work in ways that transform communities.”

Under the RFL framework, dormant funds are transferred from banks, investment firms, and insurance companies to a central body. A reserve is set aside to cover any future claims by account holders, while the surplus is channelled into community development projects, education, and affordable housing. The entire process is transparent and technology-driven, ensuring that no one loses and everyone benefits.

“It’s a win-win,” Adegbenro emphasises. “People keep their rights, and society gains valuable resources to tackle pressing needs.”

Nigeria’s Dormant Potential

Back home, Nigeria’s dormant accounts remain scattered across the banking system with no unified framework to manage them. While the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have established rules to safeguard dormant balances, the emphasis remains on protection rather than productivity. As a result, billions of naira that could fund hospitals, schools, and infrastructure remain untouched, lost in bureaucratic inertia.

“Nigeria’s banking ecosystem has the tools to do more,” Adegbenro says. “With systems like the Bank Verification Number (BVN) and National Identification Number (NIN), we already have the digital infrastructure to track and manage dormant funds effectively. What we need is a national strategy that combines data, technology, and regulation to put this money to work responsibly.”

The success of the UK model lies not just in its policy framework, but in its reliance on data science and technology. Behind every pound released for public use is a series of data-driven calculations that ensure fairness and sustainability. According to Adegbenro, machine learning algorithms analyse historical data to predict how much of the dormant money might be reclaimed in the future, while actuarial science determines the reserves that must be kept to guarantee that any claimant can be repaid in full.

Digital systems then reconcile transactions across banks, ensuring transparency and accuracy. Technology is also used to help customers reconnect with their funds through tracing tools, digital notifications, and outreach campaigns. “It’s a perfect example of how data science and finance can merge for social good,” Adegbenro explains. “Nigeria, with its vibrant fintech scene and growing pool of data scientists, has all the building blocks needed to create something similar, or even better.”

The Benefits

The impact of such a model in Nigeria could be transformative. By creating a national reclaim fund, the country could unlock billions of naira currently sitting idle in banks and direct them into sectors starved of resources.

The result would be a steady stream of funding for healthcare, education, and infrastructure projects. It would also foster transparency and accountability through independent data audits, while encouraging innovation among local fintech firms and data experts who could develop the algorithms powering the system.

“Even if just a small percentage of dormant funds were used to build schools, improve hospitals, or support housing projects, the difference would be profound,” Adegbenro says. “We are talking about creating a new source of social capital without imposing new taxes or borrowing.”

Addressing Public Fears

Understandably, many Nigerians would ask whether such a system could result in people losing their money. Adegbenro dismisses that concern, stressing that any responsible framework would preserve customer rights in full.

Under the UK model, for instance, account holders retain the right to reclaim their funds indefinitely, regardless of how long the account has been dormant. The key lies in maintaining a reserve large enough to meet any legitimate claims, while advanced digital systems ensure that all transactions are traceable and verifiable.

“This is not about taking money away from citizens,” she explains. “It’s about preventing valuable resources from sitting idle when they could be serving the nation. Dormant funds shouldn’t die; they should work until their owners return.”

Charting the Path Forward

Nigeria’s fintech ecosystem is already one of the most dynamic in Africa, and Adegbenro believes it can lead the charge in transforming dormant accounts into instruments of progress.

The initiative would require policy leadership from the CBN, NDIC, and the Ministry of Finance, as well as collaboration between banks, data scientists, and technology companies. With transparency and proper governance, public trust could be built over time.

“What we need is a central body, perhaps something like a National Reclaim Fund Nigeria,” she suggests.

“It should be a public-private partnership that manages dormant funds transparently, invests in social projects, and ensures every naira can be traced. With data integration through BVN and NIN, the entire process can be automated and accountable.”

A Question of Vision

From her experience working in the UK, Adegbenro has seen how Reclaim Fund Limited transformed forgotten wealth into tangible social impact. For her, it remains a mystery why Nigeria has not yet embraced a similar approach. “If the UK can turn dormant funds into national impact, why can’t Nigeria?” she asks.

Indeed, Nigeria’s hidden billions are not just figures buried in ledgers; they represent unbuilt classrooms, unfunded hospitals, and untapped opportunities. With the right mix of data science, technology, and policy innovation, these dormant resources could be brought back to life, working for the very society that created them.

In the end, Adegbenro concludes, “this is about more than money; it’s about national vision. We must decide whether to let our resources sleep or to wake them up for good.”

Pix: Adegbenro.jpg